Central Japan Railway Plans
$44.7 Billion Maglev Project

TOKYO -- Japanese rail travelers may soon be riding one of the fastest trains in the world: a maglev that would zoom between Tokyo and the Nagoya area at double the speed of the current rail link.

But investors weren't exactly ecstatic over Central Japan Railway Co.'s announcement that it will spend about 5.1 trillion yen ($44.7 billion) on a magnetically levitating train project over the next two decades. The railway's share price...